ETF overview
TMV provides daily inverse (-3x) exposure to the ICE U.S. Treasury 20+ Year Bond Index. Using a combination of swaps and futures, TMV gives investors -3x exposure to daily moves in T-bonds with more than 20 years left to maturity. The daily reset means investors shouldn't expect the leverage factor to hold constant over investment horizons greater than one day. In short, the fund is a valid option for tactical positioning/hedging against rising interest rates, but it's important to keep in mind that the -3x leverage results in greater impact from the effects of compounding. As a levered product, TMV is not a buy-and-hold ETF, it's a short-term tactical instrument. Prior to May 2, 2016, TMV tracked the NYSE 20+Year Treasury Bond Index. The change had minimal impact on investors exposure. Effective February 27, 2026, the fund replaced the term Shares in its name with ETF.
Fund facts
- Leverage
- -3x daily
- Expense ratio
- 0.97%
- Fund assets
- 206.85M USD (all share classes)
- Issuer
- Direxion
- Inception date
- Apr 16, 2009
- Number of holdings
- 7
Holdings (7)
| Name | Ticker | Exposure |
|---|---|---|
| TLT SWAP ASSET LEG (TLTGSS) | -68.60% | |
| TLT SWAP ASSET LEG (TLTUBS) | -57.76% | |
| TLT SWAP ASSET LEG (TLTBPS) | -53.13% | |
| TLT SWAP ASSET LEG (TLTCTS) | -44.92% | |
| TLT SWAP ASSET LEG (TLTMLS) | -41.49% | |
| TLT SWAP ASSET LEG (TLTJPS) | -34.10% | |
| GOLDMAN FINL SQ TRSRY INST 506 | 25.80% |
This is a leveraged or inverse fund. Exposure is each position's value as a share of the fund's net assets, so swaps and futures can take it above 100% or below 0%. Cash held as collateral is not listed.
Historical returns do not guarantee future returns. This is not investment advice.
Direxion Daily 20+ Year Treasury Bear 3X ETF (TMV)
- Leverage
- -3x daily
- Expense ratio
- 0.97%
- Fund assets
- 206.85M USD (all share classes)
- Issuer
- Direxion
- Inception date
- Apr 16, 2009
- Number of holdings
- 7
| Name | Ticker | Exposure |
|---|---|---|
| TLT SWAP ASSET LEG (TLTGSS) | -68.60% | |
| TLT SWAP ASSET LEG (TLTUBS) | -57.76% | |
| TLT SWAP ASSET LEG (TLTBPS) | -53.13% | |
| TLT SWAP ASSET LEG (TLTCTS) | -44.92% | |
| TLT SWAP ASSET LEG (TLTMLS) | -41.49% | |
| TLT SWAP ASSET LEG (TLTJPS) | -34.10% | |
| GOLDMAN FINL SQ TRSRY INST 506 | 25.80% |
This is a leveraged or inverse fund. Exposure is each position's value as a share of the fund's net assets, so swaps and futures can take it above 100% or below 0%. Cash held as collateral is not listed.
TMV provides daily inverse (-3x) exposure to the ICE U.S. Treasury 20+ Year Bond Index. Using a combination of swaps and futures, TMV gives investors -3x exposure to daily moves in T-bonds with more than 20 years left to maturity. The daily reset means investors shouldn't expect the leverage factor to hold constant over investment horizons greater than one day. In short, the fund is a valid option for tactical positioning/hedging against rising interest rates, but it's important to keep in mind that the -3x leverage results in greater impact from the effects of compounding. As a levered product, TMV is not a buy-and-hold ETF, it's a short-term tactical instrument. Prior to May 2, 2016, TMV tracked the NYSE 20+Year Treasury Bond Index. The change had minimal impact on investors exposure. Effective February 27, 2026, the fund replaced the term Shares in its name with ETF.
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